Mumbai: The Ghatkopar police have registered a case after Piramal Finance Limited allegedly suffered a loss of Rs4.03 crore through 147 fraudulent online loan applications submitted using forged documents and repeated identity details.
Fraud Control Unit Detects Suspicious Applications
According to the complaint filed by Pramod Kapadi, 46, Assistant Vice-President in the company's legal department, the suspicious applications were detected between February 18 and 20, 2026, after the company's Fraud Control Unit noticed an unusual spike in loan requests.
Of the 147 applications, 25 were submitted on February 18, 78 on February 19 and 44 on February 20. Scrutiny allegedly revealed common names and bank account details across multiple applications, with PAN and Aadhaar cards bearing identical names also being repeatedly used.
Automated System Verifies Applicant Details
Piramal Finance processes online personal loan applications through an automated system that verifies applicants' identity, bank accounts and income before approving loans. Once approved, the amount is transferred to the applicant's bank account after completion of the digital agreement and electronic mandate.
The company suspects that the accused exploited this system to obtain loans using fabricated or manipulated documents. Kapadi lodged a complaint with the national cybercrime helpline 1930 on February 23, stating that Rs4.03 crore had allegedly been transferred against the fraudulent applications.
Ghatkopar police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. Further investigation is underway to identify the accused and determine how the alleged fraud was carried out, police said.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
